Question

When asked what strategic management is, the now legendary former CEO of General Electric described strategic management in three sentences

List two of these sentences.

Answer 1

Strategic management refers to the process of formulating and implementing strategies to achieve an organization's goals and objectives. Two sentences that summarize strategic management are: 'Strategy is a mix of being bold and realistic' and 'Strategic management is about making tough choices'.

Step-by-step explanation:

Strategic management refers to the process of formulating and implementing strategies to achieve an organization's goals and objectives. It involves analyzing the internal and external environment, making decisions about the allocation of resources, and monitoring the implementation of strategic plans.

As described by the former CEO of General Electric, two sentences that summarize strategic management are:

1. Strategy is a mix of being bold and realistic. In strategic management, organizations need to take risks and think outside the box, but also consider the practicality and feasibility of their actions.
2. Strategic management is about making tough choices. It involves prioritizing goals, allocating resources, and making difficult decisions to ensure the successful execution of strategies.